Published here December 2020

Introduction | Exhibit #1 - September 29, 2014
Exhibit #2 - September 29, 2014  | Exhibit #3 - September 31, 2014

Exhibit #2: The Province News, September 29, 2014 (edited) — Part 2[3]

After <GR>'s gang took control, the following occurred:

  1. The city was forced to effectively take over the financially plagued Olympic Village project.
  2. Realtors working on the project estimate that <GR>'s negative comments reduced its value by $50 million to $70 million.
  3. Receivers had to be brought in, which sent further danger signals, and harmed the project's value even further.
  4. The marketing agent then had to spend millions upon millions of what would end up being taxpayer dollars rebranding the project for the third time.
  5. Prices of condos were heavily discounted and many very smart investors got to pick up suites for a song, later flipping them for up to a $500,000 profit, all courtesy of the Vancouver taxpayer.
  6. Receiver fees, interest charges on the debt and marketing fees went off the Richter scale because it took so long to sell the suites.

And then we came to the final funeral of the patient as the last 67 suites were sold in a bulk deal for $91 million, funnily enough, just before the upcoming 2014 election, with the final results being:

  • Only $70 million was recovered on the remaining $170 million owed by the developer on the original land purchase from the city. Therefore, taxpayers lost about $100 million directly attributable to all the delays at the project's inception, followed by the things that <GR> said to harm the project's value. That last $100 million could have built 1,000 social housing units, or bought the whole Arbutus rail corridor.
  • Millennium Southeast False Creek Properties Ltd., the original developer, suffered losses on the project estimated at $400 million — separate from what Vancouver taxpayers lost.
  • The final bulk purchaser paid $91 million to take direct control of the original development company, which included the 67 remaining suites that were worth about $71 million; the remaining $20 million was paid to acquire the estimated $400 million in tax losses.
  • Canadian taxpayers are now paying for the city's mistakes because about $104 million of otherwise payable income taxes — 26 per cent of $400 million — may never get paid, which harms the entire Canadian social system.

Meanwhile, members of Vision Vancouver host dinner parties to congratulate themselves on this boondoggle and their website trumpets this financial disaster as a great success. This false propaganda, which frames Vision's failure as a civic success, is the final outrageous insult to Vancouver taxpayers. Exhibit #3: According to an email sent from Neighborhoods for a Sustainable Vancouver October 1, 2014

Exhibit 1: Found in The Province News, September 29, 2014 (edited) - Part 1  Exhibit #1: Found in The Province News, September 29, 2014 (edited) — Part 1

3. Also as reported by .
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